517 Mulberry St · Peru, NE 68421

$37,500

2 bd · 1.0 ba · 840 sqft · SingleFamily public records · 89 Days on market

Built 1938 0.66 ac lot $45/sqft · 37% below area Est $60k · 37% under

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Why this score? — see what drove the A grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +9.5/10.0
• Schools +4.4/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Cash only. 1-story ranch situated on almost 0.75 acres. Fix and hold as a rental or renovate to build equity. Plenty of yard space and opportunity to add value.

Key facts

• Plenty of yard space
• Almost 0.75 acres
• 1 story ranch

Tags

• 1 STORY RANCH
• ALMOST 0.75 ACRES
• PLENTY OF YARD SPACE

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $38k.

Deal economics

• At list price, monthly cash flow is $435 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($861 rent vs $38k).
• Recommended offer: $35k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 66/100 on livability (#297 in NE) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, crime D+, schools F.
• Auburn Public Schools (town): math 49% / reading 56% proficiency, ranked #58 of 111 in NE (top 52%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 7 active listings in the ZIP; 13 units permitted in Nemaha County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($259 loan paydown + $3k appreciation (9.0% local appreciation)).
• Nemaha County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (9.0% appreciation + 3.0% rent growth), your $10k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 89 days — a 6% lower offer ($35k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $8k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $15k; list at $38k implies a 150% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1938 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $35,250 (6.0% below list)

Questions for the listing agent

1. It's been on market 89 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1938 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 2.30% ✓
• Cap rate: 20.20%
• Cash-on-cash: 49.67%
• DSCR: 3.21
• GRM: 3.6

CMA / ARV

• ARV (median comp): $59,819
• List price: $37,500
• Delta: -37.31%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

8.99% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 62.1%
• Equity multiple: 5.34×
• Total profit: $45,558
• Equity at exit: $31,067

10-year hold

• IRR: 56.5%
• Equity multiple: 11.66×
• Total profit: $111,880
• Equity at exit: $64,302

Cash invested: $10,500 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 83 Strongly Landlord-Friendly
• State Nebraska: 83 Strongly Landlord-Friendly · R+13
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempted; moderate court pace.

Methodology + full state rankings →

ZIP-level market 68421

• Home prices YoY: 5.7%
• Active inventory: 7
• Price-to-rent: 3.6×

Monthly cashflow live

• Estimated rent: $861 medium
• Mortgage (P&I): −$197
• Tax from tax record: −$33 /mo · $397/yr
• Insurance: −$16
• HOA: −$0
• Vacancy / Maint / Mgmt: −$181
• Net cashflow: $435

Break-even live

Break-even rent $311

Max offer price $37,500

Occupancy floor 45%

Sensitivity live

Price	-10% $456	-5% $445	+0% $435	+5% $424	+10% $413
Rent	-10% $367	-5% $401	+0% $435	+5% $469	+10% $503
Rate	-1.0pp $454	-0.5pp $444	base $435	+0.5pp $425	+1.0pp $415

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $9,375
• Closing costs: $1,125
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-04-22
   price $37,500 160-char remark

   Show marketing remark (160 chars)

   Cash only. 1-story ranch situated on almost 0.75 acres. Fix and hold as a rental or renovate to build equity. Plenty of yard space and opportunity to add value.

2. 2026-02-27
   listed $45,000 New 160-char remark

   Show marketing remark (160 chars)

   Cash only. 1-story ranch situated on almost 0.75 acres. Fix and hold as a rental or renovate to build equity. Plenty of yard space and opportunity to add value.

3. 2025-12-11
   historical
4. 2025-11-18
   listed $45,000 New
5. 2010-04-18
   soldstatus $15,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NE · Resets to sale price

• Current annual tax: $397 · $33/mo
• Projected year-2 tax: $649 · $54/mo
• Expected delta: +$251/yr (+$21/mo · 63.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $10,330
• − Mortgage interest: −$2,101
• − Property taxes: −$397
• − Insurance: −$188
• − Repairs & maintenance: −$826
• − Management: −$826
• − Depreciation: −$1,091
• Taxable income: $4,901
• Est. tax owed @ 24.0%: −$1,176
• After-tax cash flow: $4,040/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Auburn Public Schools
• NCES district ID: 3103330
• Math proficiency: 49% ▼ -8.00%
• Reading proficiency: 56% ▼ -8.00%
• Median HH income: $45,761
• Composite: 44.43/100
• National rank: #2807
• State rank: #58 of 111 in NE

Livability — Peru

• Score: 66/100
• State rank: #297
• US rank: #11229

Category grades

Amenities F Commute F Cost of living A+ Crime D+ Employment F Housing A+ Health & safety C- User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Peru, NE
• Population (ZIP): 1,019

Population outlook (Nemaha County) Hauer SSP2

• Today (2025): 7,018 people
• By 2030: 6,911 · -1.5%
• By 2040: 6,730 · -4.1%
• By 2050: 6,738 · -4.0%
• By 2075: 7,053 · +0.5%
• By 2100: 7,347 · +4.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Hispanic / Latino 6% Two or more races 5% Black 5% Native American 2%
• Hispanic origin (detail): Mexican 4% Cuban 2%
• Common ancestry: Portuguese 3% Romanian 1% Scottish 1%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 4% Other Asian/Pacific 1%

Political lean MEDSL · Nemaha

• 2024 margin: Solid R (+44.7) · D 26.8% · R 71.5% · Other 1.8%
• 2008→2024 swing: -19.0pp toward R · 2008: -25.7pp · 2024: -44.7pp
• All cycles: 2024: R+44.7 2020: R+43.9 2016: R+42.9 2012: R+28.5 2008: R+25.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 8.99%
• Current HPI: 166.0307
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 0.68%
• F500 in state: 2

Industry mix (Fortune 500 HQ in NE)

Industry	F500 HQs	Revenue
▸Conglomerate	1	$371B

Price history

+150.0% since first listed

5 events — show timeline

• 2026-04-22 Price Changed $37,500 GPRMLS
• 2026-02-27 Listed $45,000 GPRMLS
• 2025-12-11 Listing Removed — GPRMLS
• 2025-11-18 Listed $45,000 GPRMLS
• 2010-04-18 Sold (Public Records) $15,000 Public Records

Property tax history

-2.3%/yr

Latest (2025): $397 · -13.2% YoY. Source: county tax records.